Asia Pacific Armored Vehicles Market
Asia Pacific Armored Vehicles Market, By Platform (Combat Vehicles, Combat Support Vehicles, Unmanned Armored Ground Vehicles); By Mobility (Wheeled, Tracked); By System (Ballistic Armor, Engine, Turret Drivers, Armaments, Ammunition Handling System, Countermeasure System, Command & Control System, Power System); By Country (China, India, Japan, South Korea, Australia & New Zealand, Indonesia, Malaysia, Singapore, Vietnam, Rest of APAC), Competitive Landscape & Forecast, 2019–2029
- Published Date: August 2023
- Report ID: BWC23662
- Available Format: PDF
- Page: 200
Report Overview
Increasing defense budgets, geopolitical tensions, modernization initiatives, and the need for advanced military capabilities to address security challenges in the region are propelling the growth of Asia-Pacific Armored Vehicles Market during the forecast period between 2023 and 2029.
Asia-Pacific Armored Vehicles Market – Industry Trends & Forecast Report, 2029
Asia-Pacific armored vehicles market size was estimated at USD 3.83 billion in 2022. During the forecast period between 2023 and 2029, the size of Asia-Pacific armored vehicles market is projected to grow at a CAGR of 5.02% reaching a value of USD 5.15 billion by 2029. Major factor driving the growth of the Asia-Pacific armored vehicles market is a growing demand for modernizing military capabilities, leading to increased investments in advanced armored vehicles by regional countries. Also, there was a focus on developing indigenous defense industries to reduce dependence on imports. The integration of advanced technologies such as unmanned systems and enhanced situational awareness features drove the market's evolution. The escalating territorial disputes and security concerns in the region further fueled the demand for armored vehicles. The market was expected to witness steady growth during the forecast period.
Asia-Pacific Armored Vehicles Market - Overview
Armored vehicles are military machines designed to protect personnel and equipment in hostile environments. They are equipped with reinforced armor, providing enhanced resistance against various threats, including bullets, explosives, and other projectiles. These vehicles come in diverse types, such as tanks, armored personnel carriers (APCs), and mine-resistant ambush-protected (MRAP) vehicles. Armored vehicles play a crucial role in ground warfare, offering mobility, firepower, and survivability to military forces. They are extensively used in modern combat scenarios, providing a shield for troops during offensive and defensive operations while enabling them to maneuver effectively across challenging terrains.
Growth Drivers
Rising Geopolitical Tensions
In the Asia-Pacific region, the armored vehicles market is being driven by escalating geopolitical tensions among countries. Heightened security concerns and increasing military modernization efforts have led to a surge in demand for advanced armored vehicles. Nations are seeking to strengthen their defense capabilities, necessitating the procurement of modern, highly capable vehicles to safeguard their borders and strategic interests. As a result, defense budgets are being allocated to enhance armored warfare capabilities, creating significant growth opportunities for manufacturers and suppliers in the Asia-Pacific market. The need for state-of-the-art armored vehicles is set to fuel sustained growth in the coming years.
Restraints
Budgetary Constraints
In the rapidly evolving Asia-Pacific region, the armored vehicles market is poised for substantial growth, facing only minor budgetary restraints. The demand for technologically advanced military equipment, rising territorial conflicts, and increasing investments in defense modernization are expected to drive the market forward. However, some countries may experience limited defense budgets, which could pose challenges to market expansion. Nonetheless, with key players introducing cost-effective solutions and governments focusing on strengthening their military capabilities, the Asia-Pacific armored vehicles market is likely to witness steady progress and capitalize on emerging opportunities for innovation and strategic partnerships.
Asia-Pacific Armored Vehicles Market
Segmental Coverage
Asia-Pacific Armored Vehicles Market – By Platform
Based on platform, Asia-Pacific armored vehicles market is divided into Combat Vehicles, Combat Support Vehicles, and Unmanned Armored Ground Vehicles segments. Each segment caters to different military and defense requirements, and the market for these armored vehicles continues to grow in the region due to ongoing security concerns and modernization efforts. These segments are crucial in strengthening the armed forces capabilities and enhancing their operational efficiency in diverse combat scenarios, making the Asia-Pacific region a significant player in the global armored vehicles market.
Asia-Pacific Armored Vehicles Market – By Mobility
By mobility, Asia-Pacific armored vehicles market is split into Wheeled and Tracked segments. The wheeled segment is a larger contributor to the Asia-Pacific armored vehicles market. This category comprises a significant portion of the market and includes armored vehicles equipped with wheeled platforms. These vehicles are versatile, offering mobility and speed, making them ideal for various terrain types. In contrast, the Tracked segment, though still significant, involves armored vehicles that use continuous tracks for improved traction and stability in challenging terrains. However, the Wheeled segment dominates the market due to its adaptability and a broader range of applications across different scenarios within the region.
Asia-Pacific Armored Vehicles Market – By System
Based on system, Asia-Pacific armored vehicles market is divided into Ballistic Armor, Engine, Turret drivers, Armaments, Ammunition Handling System, Countermeasure System, Command & Control System, and Power System segments. The ballistic armor segment encompasses the weaponry and firepower of the armored vehicles. It includes various types of guns, missiles, and other offensive and defensive armament systems, making it a critical aspect of the overall armored vehicle capabilities. As the region's defense requirements evolve, the demand for advanced and sophisticated armament systems continues to play a pivotal role in shaping the armored vehicles market in the Asia-Pacific region.
Asia-Pacific Armored Vehicles Market – By Country
On the basis of country, Asia-Pacific armored vehicles market is segmented into China, India, Japan, South Korea, Australia & New Zealand, Indonesia, Malaysia, Singapore, Vietnam, and Rest of APAC. China stands out as the largest and most significant country, holding a substantial share of the regional market for armored vehicles. Its large population, robust industrial and military capabilities, and geopolitical significance contribute to its prominence in the armored vehicles sector in the Asia-Pacific region.
Competitive Landscape
Major players in the Asia-Pacific armored vehicles market include General Dynamics Corporation, Rheinmetall AG, Elbit Systems Ltd., Textron Inc., Oshkosh Corporation, Mitsubishi Heavy Industries Ltd., BAE Systems plc, Saudi Arabian Military Industries (SAMI), and Nexter Group KNDS. To grow their market share, these companies are also focusing on investing in innovations, collaborations, and expansions.
Scope of the Report
Attributes |
Details |
Years Considered |
Historical Data – 2019–2022 |
Base Year – 2022 |
|
Estimated Year – 2023 |
|
Forecast Period – 2023–2029 |
|
Facts Covered |
Revenue in USD Million |
Market Coverage |
China, India, Japan, South Korea, Australia & New Zealand, Indonesia, Malaysia, Singapore, Vietnam, Rest of APAC |
Product/ Service Segmentation |
Platform, Mobility, System, Country |
Key Players |
General Dynamics Corporation, Rheinmetall AG, Elbit Systems Ltd, Textron Inc., Oshkosh Corporation, Mitsubishi Heavy Industries Ltd., BAE Systems plc, Saudi Arabian Military Industries (SAMI), Nexter Group KNDS |
By Platform
-
Combat Vehicles
-
Combat Support Vehicles
-
Unmanned Armored Ground Vehicles
By Mobility
-
Wheeled
-
Tracked
By System
-
Ballistic armor
-
Engine
-
Turret drivers
-
Armaments
-
Ammunition Handling System
-
Countermeasure System
-
Command & Control System, Power System
By Country
-
China
-
India
-
Japan
-
South Korea
-
Australia & New Zealand
-
Indonesia
-
Malaysia
-
Singapore
-
Vietnam
-
Rest of APAC
- Research Framework
- Research Objective
- Product Overview
- Market Segmentation
- Executive Summary
- APAC Armored Vehicles Market Insights
- Industry Value Chain Analysis
- DROC Analysis
- Growth Drivers
- Growing Defense Expenditure and Procurement Programs in Asian Countries Will Aid Market Growth
- Increasing Cross-Border Disputes to Spur Demand for Next-Generation Military Vehicles
- Restraints
- High chances of electrical and mechanical components failure in armored combat vehicles
- Opportunities
- Increasing adoption of unmanned combat ground vehicles by defense forces
- Challenges
- Hardware and software malfunctions
- Growth Drivers
- Technological Advancements/Recent Developments
- Regulatory Framework
- Porter’s Five Forces Analysis
- Bargaining Power of Suppliers
- Bargaining Power of Buyers
- Threat of New Entrants
- Threat of Substitutes
- Intensity of Rivalry
- APAC Armored Vehicles Market Overview
- Market Size & Forecast, 2019–2029
- By Value (USD Million)
- Market Share & Forecast
- By Platform
- Combat Vehicles
- Combat Support Vehicles
- Unmanned armored ground Vehicle
- By Mobility
- Wheeled
- Tracked
- By System
- Ballistic armor
- Engine
- Turret drivers
- Armaments
- Ammunition Handling System
- Countermeasure System
- Command & Control System, Power System
- By Country
- China
- India
- Japan
- South Korea
- Australia & New Zealand
- Indonesia
- Malaysia
- Singapore
- Vietnam
- Rest of APAC
- By Platform
- Market Size & Forecast, 2019–2029
- China Armored Vehicles Market
- Market Size & Forecast, 2019–2029
- By Value (USD Million)
- Market Share & Forecast
- By Platform
- By Mobility
- By System
- Market Size & Forecast, 2019–2029
- India Armored Vehicles Market
- Market Size & Forecast, 2019–2029
- By Value (USD Million)
- Market Share & Forecast
- By Platform
- By Mobility
- By System
- Market Size & Forecast, 2019–2029
- Japan Armored Vehicles Market
- Market Size & Forecast, 2019–2029
- By Value (USD Million)
- Market Share & Forecast
- By Platform
- By Mobility
- By System
- Market Size & Forecast, 2019–2029
- South Korea Armored Vehicles Market
- Market Size & Forecast, 2019–2029
- By Value (USD Million)
- Market Share & Forecast
- By Platform
- By Mobility
- By System
- Market Size & Forecast, 2019–2029
- Australia & New Zealand Armored Vehicles Market
- Market Size & Forecast, 2019–2029
- By Value (USD Million)
- Market Share & Forecast
- By Platform
- By Mobility
- By System
- Market Size & Forecast, 2019–2029
- Indonesia Armored Vehicles Market
- Market Size & Forecast, 2019–2029
- By Value (USD Million)
- Market Share & Forecast
- By Platform
- By Mobility
- By System
- Market Size & Forecast, 2019–2029
- Malaysia Armored Vehicles Market
- Market Size & Forecast, 2019–2029
- By Value (USD Million)
- Market Share & Forecast
- By Platform
- By Mobility
- By System
- Market Size & Forecast, 2019–2029
- Singapore Armored Vehicles Market
- Market Size & Forecast, 2019–2029
- By Value (USD Million)
- Market Share & Forecast
- By Platform
- By Mobility
- By System
- Market Size & Forecast, 2019–2029
- Vietnam Armored Vehicles Market
- Market Size & Forecast, 2019–2029
- By Value (USD Million)
- Market Share & Forecast
- By Platform
- By Mobility
- By System
- Market Size & Forecast, 2019–2029
- Rest of APAC Armored Vehicles Market
- Market Size & Forecast, 2019–2029
- By Value (USD Million)
- Market Share & Forecast
- By Platform
- By Mobility
- By System
- Market Size & Forecast, 2019–2029
- Competitive Landscape
- List of Key Players and Their Offerings
- Asia-Pacific Armored Vehicles Company Market Share Analysis, 2022
- Competitive Benchmarking, By Operating Parameters
- Key Strategic Developments (Mergers, Acquisitions, Partnerships, etc.)
- Impact of Covid-19 on Asia-Pacific Armored Vehicles Market
- Company Profile (Company Overview, Financial Matrix, Competitive Landscape, Key Personnel, Key Competitors, Contact Address, Strategic Outlook, SWOT Analysis)
- General Dynamics Corporation
- Rheinmetall AG
- Elbit Systems Ltd.
- Textron Inc.
- Oshkosh Corporation
- Mitsubishi Heavy Industries Ltd.
- BAE Systems plc
- Saudi Arabian Military Industries (SAMI)
- Nexter Group KNDS
- Other Prominent Players
- Key Strategic Recommendations
- Research Methodology
- Qualitative Research
- Primary & Secondary Research
- Quantitative Research
- Market Breakdown & Data Triangulation
- Secondary Research
- Primary Research
- Breakdown of Primary Research Respondents, By Country
- Assumptions & Limitations
- Qualitative Research
*Financial information of non-listed companies can be provided as per availability.
**The segmentation and the companies are subject to modifications based on in-depth secondary research for the final deliverable
List of Figures
Figure 1 Asia-Pacific Armored Vehicles Segmentation
Figure 2 Asia-Pacific Armored Vehicles Market Value Chain Analysis
Figure 3 Company Market Share Analysis, 2022
Figure 4 Asia-Pacific Armored Vehicles Market Size, By Value (USD Million), 2019–2029
Figure 5 Asia-Pacific Armored Vehicles Market Share, By Platform, By Value, 2019–2029
Figure 6 Asia-Pacific Armored Vehicles Market Share, By Mobility, By Value, 2019–2029
Figure 7 Asia-Pacific Armored Vehicles Market Share, By System, By Value, 2019–2029
Figure 8 Asia-Pacific Armored Vehicles Market Share, By Country, By Value, 2019–2029
Figure 9 China Armored Vehicles Market Size, By Value (USD Million), 2019–2029
Figure 10 China Armored Vehicles Market Share, By Platform, By Value, 2019–2029
Figure 11 China Armored Vehicles Market Share, By Mobility, By Value, 2019–2029
Figure 12 China Armored Vehicles Market Share, By System, By Value, 2019–2029
Figure 13 India Armored Vehicles Market Size, By Value (USD Million), 2019–2029
Figure 14 India Armored Vehicles Market Share, By Platform, By Value, 2019–2029
Figure 15 India Armored Vehicles Market Share, By Mobility, By Value, 2019–2029
Figure 16 India Armored Vehicles Market Share, By System, By Value, 2019–2029
Figure 17 Japan Armored Vehicles Market Size, By Value (USD Million), 2019–2029
Figure 18 Japan Armored Vehicles Market Share, By Platform, By Value, 2019–2029
Figure 19 Japan Armored Vehicles Market Share, By Mobility, By Value, 2019–2029
Figure 20 Japan Armored Vehicles Market Share, By System, By Value, 2019–2029
Figure 21 South Korea Armored Vehicles Market Size, By Value (USD Million), 2019–2029
Figure 22 South Korea Armored Vehicles Market Share, By Platform, By Value, 2019–2029
Figure 23 South Korea Armored Vehicles Market Share, By Mobility, By Value, 2019–2029
Figure 24 South Korea Armored Vehicles Market Share, By System, By Value, 2019–2029
Figure 25 Australia & New Zealand Armored Vehicles Market Size, By Value (USD Million), 2019–2029
Figure 26 Australia & New Zealand Armored Vehicles Market Share, By Platform, By Value, 2019–2029
Figure 27 Australia & New Zealand Armored Vehicles Market Share, By Mobility, By Value, 2019–2029
Figure 28 Australia & New Zealand Armored Vehicles Market Share, By System, By Value, 2019–2029
Figure 29 Indonesia Armored Vehicles Market Size, By Value (USD Million), 2019–2029
Figure 30 Indonesia Armored Vehicles Market Share, By Platform, By Value, 2019–2029
Figure 31 Indonesia Armored Vehicles Market Share, By Mobility, By Value, 2019–2029
Figure 32 Indonesia Armored Vehicles Market Share, By System, By Value, 2019–2029
Figure 33 Malaysia Armored Vehicles Market Size, By Value (USD Million), 2019–2029
Figure 34 Malaysia Armored Vehicles Market Share, By Platform, By Value, 2019–2029
Figure 35 Malaysia Armored Vehicles Market Share, By Mobility, By Value, 2019–2029
Figure 36 Malaysia Armored Vehicles Market Share, By System, By Value, 2019–2029
Figure 37 Singapore Armored Vehicles Market Size, By Value (USD Million), 2019–2029
Figure 38 Singapore Armored Vehicles Market Share, By Platform, By Value, 2019–2029
Figure 39 Singapore Armored Vehicles Market Share, By Mobility, By Value, 2019–2029
Figure 40 Singapore Armored Vehicles Market Share, By System, By Value, 2019–2029
Figure 41 Vietnam Armored Vehicles Market Size, By Value (USD Million), 2019–2029
Figure 42 Vietnam Armored Vehicles Market Share, By Platform, By Value, 2019–2029
Figure 43 Vietnam Armored Vehicles Market Share, By Mobility, By Value, 2019–2029
Figure 44 Vietnam Armored Vehicles Market Share, By System, By Value, 2019–2029
Figure 45 Rest of APAC Armored Vehicles Market Size, By Value (USD Million), 2019–2029
Figure 46 Rest of APAC Armored Vehicles Market Share, By Platform, By Value, 2019–2029
Figure 47 Rest of APAC Armored Vehicles Market Share, By Mobility, By Value, 2019–2029
Figure 48 Rest of APAC Armored Vehicles Market Share, By System, By Value, 2019–2029
List of Tables
Table 1 Asia-Pacific Armored Vehicles Market Size, By Value (USD Million), 2019–2029
Table 2 Asia-Pacific Armored Vehicles Market Size, By Platform, By Value, 2019–2029
Table 3 Asia-Pacific Armored Vehicles Market Size, By Mobility, By Value, 2019–2029
Table 4 Asia-Pacific Armored Vehicles Market Size, By System, By Value, 2019–2029
Table 5 Asia-Pacific Armored Vehicles Market Size, By Country, By Value, 2019–2029
Table 6 China Armored Vehicles Market Size, By Value (USD Million), 2019–2029
Table 7 China Armored Vehicles Market Size, By Platform, By Value, 2019–2029
Table 8 China Armored Vehicles Market Size, By Mobility, By Value, 2019–2029
Table 9 China Armored Vehicles Market Size, By System, By Value, 2019–2029
Table 10 India Armored Vehicles Market Size, By Value (USD Million), 2019–2029
Table 11 India Armored Vehicles Market Size, By Platform, By Value, 2019–2029
Table 12 India Armored Vehicles Market Size, By Mobility, By Value, 2019–2029
Table 13 India Armored Vehicles Market Size, By System, By Value, 2019–2029
Table 14 Japan Armored Vehicles Market Size, By Value (USD Million), 2019–2029
Table 15 Japan Armored Vehicles Market Size, By Platform, By Value, 2019–2029
Table 16 Japan Armored Vehicles Market Size, By Mobility, By Value, 2019–2029
Table 17 Japan Armored Vehicles Market Size, By System, By Value, 2019–2029
Table 18 South Korea Armored Vehicles Market Size, By Value (USD Million), 2019–2029
Table 19 South Korea Armored Vehicles Market Size, By Platform, By Value, 2019–2029
Table 20 South Korea Armored Vehicles Market Size, By Mobility, By Value, 2019–2029
Table 21 South Korea Armored Vehicles Market Size, By System, By Value, 2019–2029
Table 22 Australia & New Zealand Armored Vehicles Market Size, By Value (USD Million), 2019–2029
Table 23 Australia & New Zealand Armored Vehicles Market Size, By Platform, By Value, 2019–2029
Table 24 Australia & New Zealand Armored Vehicles Market Size, By Mobility, By Value, 2019–2029
Table 25 Australia & New Zealand Armored Vehicles Market Size, By System, By Value, 2019–2029
Table 26 Indonesia Armored Vehicles Market Size, By Value (USD Million), 2019–2029
Table 27 Indonesia Armored Vehicles Market Size, By Platform, By Value, 2019–2029
Table 28 Indonesia Armored Vehicles Market Size, By Mobility, By Value, 2019–2029
Table 29 Indonesia Armored Vehicles Market Size, By System, By Value, 2019–2029
Table 30 Malaysia Armored Vehicles Market Size, By Value (USD Million), 2019–2029
Table 31 Malaysia Armored Vehicles Market Size, By Platform, By Value, 2019–2029
Table 32 Malaysia Armored Vehicles Market Size, By Mobility, By Value, 2019–2029
Table 33 Malaysia Armored Vehicles Market Size, By System, By Value, 2019–2029
Table 34 Singapore Armored Vehicles Market Size, By Value (USD Million), 2019–2029
Table 35 Singapore Armored Vehicles Market Size, By Platform, By Value, 2019–2029
Table 36 Singapore Armored Vehicles Market Size, By Mobility, By Value, 2019–2029
Table 37 Singapore Armored Vehicles Market Size, By System, By Value, 2019–2029
Table 38 Vietnam Armored Vehicles Market Size, By Value (USD Million), 2019–2029
Table 39 Vietnam Armored Vehicles Market Size, By Platform, By Value, 2019–2029
Table 40 Vietnam Armored Vehicles Market Size, By Mobility, By Value, 2019–2029
Table 41 Vietnam Armored Vehicles Market Size, By System, By Value, 2019–2029
Table 42 Rest of APAC Armored Vehicles Market Size, By Value (USD Million), 2019–2029
Table 43 Rest of APAC Armored Vehicles Market Size, By Platform, By Value, 2019–2029
Table 44 Rest of APAC Armored Vehicles Market Size, By Mobility, By Value, 2019–2029
Table 45 Rest of APAC Armored Vehicles Market Size, By System, By Value, 2019–2029
Table 46 General Dynamics Corporation Company Overview
Table 47 General Dynamics Corporation Financial Overview
Table 48 Rheinmetall AG Company Overview
Table 49 Rheinmetall AG Financial Overview
Table 50 Elbit Systems Ltd. Company Overview
Table 51 Elbit Systems Ltd. Financial Overview
Table 52 Textron Inc. Company Overview
Table 53 Textron Inc. Financial Overview
Table 54 Oshkosh Corporation Company Overview
Table 55 Oshkosh Corporation Financial Overview
Table 56 Mitsubishi Heavy Industries Ltd. Company Overview
Table 57 Mitsubishi Heavy Industries Ltd. Financial Overview
Table 58 BAE Systems plc Company Overview
Table 59 BAE Systems plc Financial Overview
Table 60 Saudi Arabian Military Industries (SAMI) Company Overview
Table 61 Saudi Arabian Military Industries (SAMI) Financial Overview
Table 62 Nexter Group KNDS Company Overview
Table 63 Nexter Group KNDS Financial Overview
Market Segmentation
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